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Numbers from the Brazilian tax authority indicate that the cryptocurrency market experienced a resurgence in January, with trading increasing more than 10% compared to December. Tether\u2019s usdt is still the currency that moves the most volume, a reality related to OTC (over-the-counter) trades, according to market analysts.<\/strong><\/p>\n The Brazilian tax authority, which receives reports of the movements of cryptocurrency by law for tax collecting purposes, released its crypto volume reports corresponding to January. The institution revealed a growth in the volume of the cryptocurrency market, with $2.85 billion dollars being transacted during the period.<\/p>\n When compared to December, the market experienced growth of more than 10%, recovering after events that have been affecting the cryptocurrency sector worldwide, like the bankruptcy of several exchanges and crypto lenders such as FTX, Celsius, and Blockfi.<\/p>\n The numbers of companies and individuals purchasing crypto was average, stronger than December\u2019s records, but falling compared to what was reported during 2022 when the country broke<\/a> several<\/a> records for cryptocurrency purchases. However, volume grew more, with only the numbers corresponding to May being higher than the ones reported for January.<\/p>\n Tether\u2019s USDT<\/a>, the biggest stablecoin in the cryptocurrency market, continues to be the preferred choice of Brazilians for storing and moving money. The report registered $2.3 billion in transactions using the stablecoin in January, a number that confirms the lead of USDT<\/a> over other cryptocurrencies.<\/p>\n The significant usage of USDT<\/a> in the country, growing more than 50% in 2022, has analysts investigating the reason Brazilians are using this dollar-pegged asset. January reports<\/a> suggested that Brazilians were turning to stablecoins to shield themselves from inflation pains, and also to avoid paying fees for using actual dollars in a bank account.<\/p>\n However, analysts think that USDT<\/a> might be used in more ways, given the high transaction volumes reported. Fabricio Tota, business director at Mercado Bitcoin, a local cryptocurrency exchange, believes that USDT<\/a> might be being used by institutions and individuals to send money abroad. In statements given to Portal do Bitcoin, he explained<\/a>:<\/p>\n We have been able to see in the volumes reported to the revenue service a very large, very significant volume of USDT<\/a> that is not on local exchanges. This leads us to believe that this volume is on the main OTC desks and that they meet a different type of demand.<\/p>\n<\/blockquote>\n Recent reports<\/a> indicate that some companies are using USDT<\/a> to settle payments in Venezuela, avoiding the risks of being affected by the economic sanctions that the country is currently suffering.<\/p>\nCrypto Market Moves Again in January, According to Brazilian Tax Authority<\/h2>\n
Brazilian Preference for USDT<\/a> Continues<\/h2>\n
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